Sports betting conference calls finish up this week with FanDuel and Sportradar at the center of the schedule.
FanDuel‘s parent company, Flutter, will report its first earnings since shareholders approved Its US listing as the primary listing. The call used to be quite early in the morning considering it was overseas, but Tuesday‘s call is scheduled for a 6:30 am Eastern start.
Following FanDuel is IGT, where all ears will be open to hear more about any plans for the merger with Everi, at 8 am.
Sportradar, meanwhile, kicks off at 8:30 am Wednesday. The company announced last week it signed an agreement with UTR Pro Tennis Tour to “transform fan and bettor engagement” beginning next January.
Much of Q1 known for FanDuel in sports betting, iGaming
Unlike most of the other US sports betting companies, those following Flutter are not going into the earnings report blind. Flutter updated the market on March 26 with details for the quarter through March 17.
That leaves just 14 days unaccounted for, though they include some of the biggest betting days of the year considering March Madness did not start until March 19.
Flutter reported sportsbook revenue growth of 63.7% over the same period in 2023 while iGaming revenue jumped 50.3%. Add in a 6.5% decrease from other revenue and total revenue from the US was up 55.6%.
Its net sports betting margin was 8.5%, up 2.3 percentage points from last year. Flutter attributed growth to structural margin improvements and higher promotional costs last year.
Recapping other sports betting earnings
GAN, the small-cap online gaming tech provider that is being bought by Sega Sammy, reported a 23.4% dip in B2C revenue for the first quarter.
Reduced player activity, with actives down 13.6%, and low sports margins led to the decline, the company said. B2B revenue rose 8.1% after expanding B2B operations in Nevada, which helped offset losing supplier exclusivity to FanDuel’s iGaming business.
Elsewhere, Super Group CEO Neal Menashe said the company is “looking at all the options” when it comes to the US.
Super Group wants to take part in meaningful new iGaming states, but there is a cost to remain in the market while waiting for those markets to regulate, he said.
ESPN Bet taking center stage at PGA Championship
Penn Entertainment signed a three-year agreement to make ESPN Bet the official sports betting sponsor of the PGA Championship.
The event kicks off this Thursday in Louisville.
ESPN Bet will also be featured in an alternate betting telecast for two hours each day of the four-day event.
Penn insiders buy dip
Two Penn insiders took advantage of the stock dipping to a 52-week low following its earnings announcement.
CFO Felicia Hendrix bought 16,157 shares at an average price of $15.47 and now owns 68,596 shares.
Director David Handler bought 20,000 shares at an average price of $15.37 and now owns 243,450 shares directly. He also indirectly acquired 20,000 shares at an average price of $15.84 through a foundation.
Rush Street asks for DE customer help
Rush Street Interactive emailed its Delaware customers Friday evening asking them to contact legislators to protect their recently signed sports betting monopoly with the state lottery.
“Since being selected the Lottery’s exclusive partner and launching the BetRivers iGaming and online sports betting platform last December we’ve achieved record results, generating more money for State programs and Delaware’s tracks and horsemen than ever before,” the email said. “… Click here to send an email letting your legislators know that you support a sports betting model that prioritizes Delaware businesses and jobs.”
HB 365 would allow up to six sports betting operators into the state following a report last year that determined a competitive sports betting market would create the most tax revenue.
Rush Street noted its strong start in the state during its Q1 earnings call. CEO Richard Schwartz reminded those listening that even if HB 365 does pass, BetRivers will remain the state’s only iGaming operator.
